Analyse your competititors
September 2, 2021
Analyse your competititors
A company must remain competitive by being more innovative, having more to offer, and exceeding customer expectations than its direct competitors. It is crucial to keep one's head rotating throughout this process. It is the primary purpose of competitive analysis to discover precisely what your competitors are doing.
Conducting a competitor analysis
Competitive analysis is crucial for a company to remain strategically positioned in the market. A competitive analysis is a key to identifying your competitors, understanding their strategies, and in due course overtaking them. If you know your weaknesses versus the competition, you can make adjustments accordingly. When you know your strengths, you can build on them, emphasize them, and make your offer unique.
The following situations warrant a competitive analysis:
- Product introductions (Are these new products already on the market? How do consumers receive them?)
- Starting a new company (How would you describe the target market structure?)
- Establishing new target groups (Which consumers choose me, and which consumers tend to choose my competitors?)
- How can my company develop unique and innovative products to offer to customers?
- Study the marketing strategies of your competitors (how do they advertise, and how do they do it?
- Examining recruiting strategies and employer image (What is their hiring strategy, and how satisfied are their employees?)
A buyer decides whether to stick with a particular brand or go with the competition. It's essential to reach consumers directly for competitive analysis, so surveys serve as a crucial component. All potential customers that might fit into your target group - not just those who are already customers of your company. From a consumer's point of view, digital market research is the ideal tool for competitive analysis. This allows a company to get thousands of opinions in a short amount of time, giving it an insight into its competitors.
A company needs to survey its customers to find out what they want and what makes them want to shop at a particular store. To keep my customers loyal, what do I have to offer? Are there things that other supermarkets provide that I don't, and what are my customers' chances to purchase from them? It is crucial to create a suitable questionnaire to answer all of these questions.
Some questions you could ask when conducting a competitive analysis are:
- Explain why you would switch telecommunications providers.
- Check out these five sneaker brands. What do you think is the best design in general, according to you?
- Which drugstore is closest to your house?
- Whenever you think of bakeries, what chain comes to mind?
- Why should you buy sportswear from a brand again?
- What has the detergent ad campaign been on your mind lately?
- What insurance provider would you trust most?
- Consider a modern café. How could it be better than others?
Analyzing the results
Digital market research allows consumers from all target groups to contribute thousands of thoughts, opinions, and evaluations all in a short amount of time. These elements are collected and form the competitive analysis. These results are crucial for future marketing and corporate strategies.
The advantage of digital market research is the large amount of data that can be collected at once. Demographic information, such as age, gender, place of residence, or educational level, is collected and stored together with the survey results at the beginning of the survey. These results provide novel insights that one might not know were there before.
A competition analysis is incredibly insightful and extremely useful to stay innovative, get ahead of your competitors and meet the needs of your customers. Through the use of surveys and digital market research, you can to identify what your weaknesses are, your company’s strengths and better understand what your customers’ want. The best way to keep your company at the forefront of the market by exceeding your customers expectations and surpassing your competitors.
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